FSP Launches Fiduciary Education Initiative
In response to the Department of Labor’s recent rule changes regarding the definition of fiduciary, the Society of Financial Service Professionals (FSP) has launched a program to help educate and guide financial advisors through this new landscape. FSP’s Fiduciary Education Initiative will provide critical insight and tools to help financial service professionals understand the new rules and their implications for practitioners, and offer guidance for thriving in compliance and continuing to provide client service of the highest quality and ethical standard.
“A potentially seismic change, the DOL ruling will have significant impact on a huge number of practitioners,” said Michael P. Dow, CPA, CLU, ChFC, AEP, the President of FSP. “We welcome the opportunity to bring clarity to the key issues within the new DOL regulations, which is directly in keeping with FSP’s Code of Professional Responsibility.”
FSP is uniquely positioned to assume this leadership role, as the organization has a solid reputation for high-quality education and a well-known commitment to ethical practices. In addition, its multidisciplinary membership reflects the true nature of financial services today, and all sectors of the industry are impacted by the rule changes.
In keeping with FSP’s practice of staying in front of all issues relevant to the profession and delivering timely guidance and advice, the Fiduciary Education Initiative will encompass live and recorded educational programming, ongoing updates on developments important to members (available on the Web site www.SocietyofFSP.org), and other activities and programs as determined by FSP’s Fiduciary Education Task Force. The Task Force consists of 16 experts across several disciplines who were charged with determining the best ways for FSP and its local Chapters to engage the membership base, providing access to timely knowledge and considered actions that will create career success while serving clients in the best possible manner.
The focus will be on “best interest,” reasonable compensation,” “documentation,” and “advisor exposure.”
“FSP is very excited about the opportunity to work with financial experts across the country in this effort of essential importance to both the public and advisors,” said Dow, who sees the Initiative as a vital means of both protecting consumers and empowering the profession.
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